Neighborhood advocates are alarmed by a proposed axing of Main Street and Elm Street funding in the coming state budget. As lawmakers hash out a budget that could be $3 billion leaner, the shears are pruning what’s considered to be nonessential and outside the protection of entitlement and federal mandate. Read the full Post-Gazette article… Continue reading »
May
13
HUD and DOT Parntnership: Sustainable Communities
U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan and U.S. Department of Transportation (DOT) Secretary Ray LaHood today announced a new partnership to help American families gain better access to affordable housing, more transportation options, and lower transportation costs. The average working American family spends nearly 60 percent of its budget on… Continue reading »
May
12
Capturing the Value of Transit
With stimulus funding creating new transit projects across the country, now may be a great time to use innovative methods for funding development around transit, say Nadine Fogarty and Gloria Ohland of the Center for Transit-Oriented Development. Portland and Denver are just two communities that have seen property values rise around rail. Read Full Story… Continue reading »
Jan
08
URA helping city school board sell empty buildings
What could the future be for 22 empty school buildings during a recession in a city that has been draining of people for half a century? The Urban Redevelopment Authority has taken on the challenge of finding out by becoming the school board’s real-estate agent, Kyra Straussman, the URA’s real estate manager, told about 50… Continue reading »
Jan
08
Paulson Sees Changes for Freddie and Fannie
Treasury Secretary Henry M. Paulson Jr. said on Wednesday that allowing the mortgage finance giants Fannie Mae and Freddie Mac to return to their old operating ways was not an option. Congress and the next administration must decide the proper role government should play in supporting home ownership in light of the severe economic costs… Continue reading »
Jan
06
Reconsidering U.S. Housing Policy: Remedies According to NCRC COO
In a recent interview with the Federal Reserve Bank of Atlanta on the future of the housing market, National Community Reinvestment Coalition Chief Operating Officer Jim Carr responded to questions about which housing policies would best meet the challenges presented by the foreclosure crisis. The following excerpts discuss measures to address the destabilization of housing… Continue reading »
Oct
28
2.5 Million Foreclosures Prevented Due to Efforts of Mortgage Industry
Hope Now announced Monday that almost 2.5 million foreclosures had been prevented due to efforts of those in the mortgage industry since the alliance began compiling data in July 2007. According to Hope Now, 212,000 homeowners were helped by the mortgage industry to avoid foreclosure during the month of September. It marked the first time… Continue reading »
Oct
09
Housing Pain Gauge: Nearly 1 in 6 Owners ‘Under Water’
More Defaults and Foreclosures Are Likely as Borrowers With Greater Debt Than Value in Their Homes Are Put in a Tight Spot The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults —… Continue reading »
Oct
07
HUD Allocates $4 Billion for Neighborhood Stabilization – PA Amounts Released
HUD has allocated a total of $3.92 billion in Neighborhood Stabilization Program (NPS) funds to all states and particularly hard-hit areas trying to respond to the effects of high foreclosures. The funding is provided through HUD’s Community Development Block Grant (CDBG) Program under the Housing and Economic Recovery Act of 2008. HUD’s new Neighborhood Stabilization… Continue reading »
Oct
07
Bank of America Corp. agreed to provide $3.5 billion in loan and foreclosure relief to settle lawsuits it inherited with its takeover of Countrywide Financial Corp.
The pact stems from cases filed earlier this year by California and other states, alleging Countrywide, based in Calabasas (Los Angeles County), used misleading advertising and unfair business practices to dupe customers into taking out home loans they couldn’t afford. Bank of America acquired Countrywide, along with its outstanding legal challenges, in July. To settle… Continue reading »